Trade of the Week Allianz

UBS highlights Allianz as its Trade of the Week, recommending subordinated bonds following strong 1Q26 earnings and a robust Solvency II ratio of 221%.

Key Takeaways

• 1.Allianz reported exceptionally strong 1Q26 results, with net income rising 52.3% year-over-year to EUR 3.7bn and a Solvency II ratio of 221%.
• 2.The issuer remains on the UBS Preferred list, supported by high ratings (Aa2/AA) and strong global market positions in insurance and asset management.
• 3.Specific Tier 2 and RT1 bonds are highlighted for their attractive risk-reward profile, offering solid carry and income for hold-to-maturity investors.

Table of Contents

• Credit development: What happened?
• Investment idea: Which bonds to consider?
• Issuer description: Who is Allianz?
• Bonds: Recommendations
• Additional risk statement
• Required disclosures
• UBS CIO risk views
• UBS credit rating
• Issuer credit outlook
• UBS CIO valuation views
• Statement of Risk
• Appendix

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